Enbridge (NYSE:ENB) Trading Up 1.6% – Still a Buy?

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s stock price rose 1.6% on Thursday . The stock traded as high as $42.22 and last traded at $42.19. Approximately 862,609 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 4,876,334 shares. The stock had previously closed at $41.53.

Wall Street Analysts Forecast Growth

ENB has been the topic of several analyst reports. Morgan Stanley began coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday. Finally, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

Enbridge Trading Up 2.5 %

The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.68. The company has a market cap of $92.73 billion, a price-to-earnings ratio of 19.53, a PEG ratio of 3.97 and a beta of 0.93. The business’s 50-day simple moving average is $40.82 and its 200-day simple moving average is $38.12.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The company had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the previous year, the business posted $0.46 earnings per share. Research analysts predict that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a $0.676 dividend. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.35%. The ex-dividend date is Friday, November 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is currently 122.22%.

Hedge Funds Weigh In On Enbridge

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kayne Anderson Capital Advisors LP increased its position in Enbridge by 55.2% during the third quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company’s stock worth $168,258,000 after purchasing an additional 1,472,789 shares during the last quarter. TrinityPoint Wealth LLC increased its position in Enbridge by 28.0% during the third quarter. TrinityPoint Wealth LLC now owns 14,188 shares of the pipeline company’s stock worth $576,000 after purchasing an additional 3,107 shares during the last quarter. Swiss National Bank increased its position in Enbridge by 3.2% during the third quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock worth $267,935,000 after purchasing an additional 207,200 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Enbridge by 23.4% during the third quarter. Thrivent Financial for Lutherans now owns 46,685 shares of the pipeline company’s stock worth $1,895,000 after purchasing an additional 8,848 shares during the last quarter. Finally, Tower Bridge Advisors increased its position in Enbridge by 1.2% during the third quarter. Tower Bridge Advisors now owns 68,979 shares of the pipeline company’s stock worth $2,801,000 after purchasing an additional 788 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.